Adesto Technologies Lowers Share Price for Upcoming IPO
October 16, 2015
Adesto Technologies has adjusted its previously filed IPO terms, now planning to offer more shares, but at a lower price. According to its initial S-1 filing, the company had planned to offer 4.1 shares in an expected price range of $10 to $12. An updated filing now shows Adesto will offer 6 million shares at a $7 price point. Filing to list on the NASDAQ under the symbol IOTS, Adesto provides application-specific, low-power memory products designed to reduce system power and extend battery life for internet-connected devices in the consumer, industrial, medical and wearables markets. The company, which recorded a net loss of $8.9 million on revenues of $41.5 million in 2014, is backed by ARCH Venture Partners (19.4% pre-IPO stake), Applied Ventures (15.6%) and ATA Ventures (11.2%), among others.